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Mind the Gap

I wonder when economics will reconnect with modern thought. I wonder, for instance, when economics will take on board contemporary theories about real human behavior and jettison its antiquated and utterly unreal notions of rationality. Not that I will hold my breath. One of the great planks of orthodox economics is its odd fascination with rationality. It […]

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Stagnation

I will keep this short: I have been taken aback by all the talk about the apparent onset of something called secular stagnation. Today’s Financial Times gives us another dose of it in an article by Gavin Davies. The basic argument seems to be that since both population growth and worker productivity are declining somewhat […]

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Why No Labor Controversy?

The familiar so-called “capital controversies” a few decades ago were never fully resolved. This is mainly because the losers of that battle eventually won the war and so were able to overlook their loss. They carried on with a muddled view of what capital actually is and ignored the impact of that muddle as if it […]

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